Marco Cables & Conductors IPO: How to check the Allotment Status
The IPO of Marco Cables & Conductors Ltd has a fresh issue component and also an offer for sale (OFS) portion. As part of the fresh issue portion of the IPO, Marco Cables & Conductors Ltd issued a total of 26,01,000 shares (26.01 lakh shares), which at the fixed IPO price of ₹36 per share aggregates to a total fund raising of ₹9.36 crore. As part of the offer for sale (OFS) portion of the IPO, there was a total sale of an equivalent 26,01,000 shares (26.01 lakh shares), which at the fixed IPO price of ₹36 per share aggregates to a total OFS size of ₹9.36 crore. The entire OFS sale of 26.01 lakh shares will be done by the promoter of the company, Sumit Sugnomal Kukreja. As a result, the total issue size of Marco Cables & Conductors Ltd will entail the issue and sale of 52,02,000 shares (52.02 lakh shares), which at the fixed IPO price of ₹36 per share aggregates to a total fund raising of ₹18.73 crore.
The minimum lot size for the IPO investment is 3,000 shares. Thus, retail investors can invest a minimum of ₹108,000 (3,000 x ₹36 per share) in the IPO. That is also the maximum that the retail investors can invest in the IPO. HNI / NII investors can invest a minimum of 2 lots comprising of 6,000 shares and having a minimum lot value of ₹216,000. There is no upper limit on what the QIBs as well as what the HNI / NII investors can apply for.
Here is a break-up of the total shares issued by the company and its quota allocated for different groups of investors.
|Anchor Investor Shares Offered||Nil Shares|
|Market Maker Shares Offered||2,88,000 Shares (5.54%)|
|Other Shares Offered||24,57,000 Shares (47.23%)|
|Retail Shares Offered||24,57,000 Shares (47.23%)|
|Total Shares Offered||52,02,000 Shares (100.00%)|
The response to the IPO of Marco Cables & Conductors Ltd was relatively strong and it was subscribed about 30.90X overall at the close of bidding on 25th September 2023 with the retail segment seeing the best 35.24 times subscription and the non-retail portion (largely the HNI / NII segment) seeing 24.36 times subscription. The table below captures the overall allocation of shares with the oversubscription details as of the close of the IPO on 25th September 2023.
|HNI / NIIs||24.36||24,57,000||5,98,47,000||215.45|
The basis of allotment will be finalized on Thursday, 28th September 2023, the refunds will be initiated on 29th September 2023, demat credits will be finalized on 03rd October 2023, while the stock of Marco Cables & Conductors Ltd will get listed on the NSE on 04th October 2023. The company had a pre-IPO promoter holding of 100.00% and post the IPO, the promoter stake in Marco Cables & Conductors Ltd will stand diluted proportionately to 72.18%. On listing, the company will have an indicative P/E ratio of 20.22X.
How to check the allotment status. Since this is an NSE SME IPO, there is no facility to check on the exchange website and BSE only offers allotment status mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can either check your allotment status on the broker website (if they offer the link) or on the website of the IPO registrar, Bigshare Services Private Limited. Here are the steps that you need to follow to check allotment status.
Checking the allotment status of Marco Cables & Conductors Ltd on the website of Bigshare Services Private Limited (Registrar to IPO)
Visit the Bigshare Services registrar website for IPO status by clicking on the link below:
Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 3 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select; the output would still be the same across.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Marco Cables & Conductors Ltd from the dropdown box. The allotment status will be finalized on Thursday, 28th September 2023, so in this case, you can access the details on the registrar website either late on 28th September 2023 or by middle of 29th September 2023. Once the company is selected from the dropdown box, you have 3 methods to check the allotment status for the IPO.
- Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number and then click on Search Button. Enter the application exactly it is given in the acknowledgement slip given to you post the IPO application process. After that you can click on the Search button to get the details of shares allotted to you in the IPO.
- Secondly, you can search by Beneficiary ID of your demat account. From the dropdown box, you must first select the depository name where your demat account is held i.e., NSDL or CDSL. In the case of NSDL, enter the DP id and Client id in separate boxes as provided. In case of CDSL, just enter the CDSL client number. Remember that the NSDL string is alphanumeric while the CDSL string is a numeric string. The details of your DP and client ID are available in your online DP statement or in the statement of account. After that you can click the Search Button in both cases.
- Thirdly, you can also search by Income Tax PAN number. Once you select PAN (permanent account number) from the dropdown menu, enter your 10-digit PAN number, which is an alphanumeric code. The PAN number will be available on your PAN card or on top of your income tax returns filed. Once you enter the PAN, click on the Search Button.
The IPO status with number of shares of Marco Cables & Conductors Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference. Once again, you can verify the demat credit by the close of 03rd October 2023.
A brief on Marco Cables & Conductors Ltd and the SME IPO
Marco Cables & Conductors Ltd was incorporated in the year 1989 and is engaged in the business of manufacturing and selling wires, cable wires, and conductors in India. The product portfolio of Metro Cables & Conductors Ltd include LT Aerial Bunched Cables, LT PVC Cables, AAAC Conductors, LT XLPE Cables and ASCSR Conductors. The manufacturing unit of Marco Cables & Conductors Ltd is located at Nashik in Maharashtra. The company has a combined installed production capacity of 18,000 KM (length in kilometre) of cables and wires per year. The LT Aerial Bunched Cables are used for overhead power distribution. These bunched cable provide high levels of safety and reliability combined with low instance of power loss and less chances of power pilferage. It also substantially reduces installation, maintenance, and operating costs; and is ideal for hilly, coastal and forest terrains.
The company has been promoted by Sumit Sugnomal Kukreja, Sugnomal Mangandas Kukreja, and Komal Sumit Kukreja. The promoter holding in the company currently stands at 100.00%. However, post the fresh issue of shares and the OFS, the promoter equity holding share will get diluted to 72.18%. The fresh issue funds will be used by the company for meeting its capex towards purchase of solar power system and 1+12 Rigid Standing Machine. Part of the monies raised will also go towards working capital needs and general corporate expenses. While Shreni Shares Private Ltd will be the lead manager to the issue, Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is Shreni Shares Private Ltd.
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